Binance US Shifts to Crypto-Only Exchange
Binance US transitions to a crypto-only exchange amid banking partner suspensions due to SEC lawsuit.
In response to the SEC lawsuit against its parent company, Binance US announced its transition to a crypto-only platform on June 9. This move is precipitated by the suspension of USD channels by its banking partners, due to the allegations of securities law breaches.
As a result, Binance US warned users towithdraw USD balances before June 13 to avoid potential processing delays caused by the volume of requests and bank closures over the weekend. It has halted USD deposits and recurring purchases and plans to delist USD trading pairs starting next week. Any USD balances remaining after June 15 will be converted into a stablecoin.
The exchange stressed that all crypto-related operations, including trading, staking, deposits, and withdrawals, remain unaffected. Binance US will function as a crypto-only exchange until new banking partnerships are secured.
